What happens at an Offical Receivers interview?

Mike_St_Helens

Thanks EE Ill take a look...Me and OH are in it together.... We had the house valued when we went for an IVA that wasnt accepted. If we go BKY then we do it togather, so I guess the interest in the property could go to my mum etc ??

jellycat... the 1/10/20 years isnt correct in a way, once discharged etc the OR will tell you what they intend to do... they cant come after you in 20 years time and ask for a slice.

Eager_Elephant

That's right Mike, you mum could buy both lots of equity.

Just checking the insolvency service website and it says that the equity makes up some of your estate in bankruptcy which the trustee deals with, if he has not done anything after the 3 years then the equity will be returned to you. (obviously not physically as no cash has changed hands)

EE

Mike_St_Helens

Yeah thought so... but... its a worrying time, I just worry that if we decide to go the whole BKY hog then they or our lender will just say get out !!

also I have a car on HP... 4k left to pay, a clio, £120 per month, 4 years left...right, I work 20 miles from home on wierd shifts and need a car for work... would they let me keep paying, or would I have to give the car back... I cant afford a cheap one even !

Eager_Elephant

How much is the clio worth?

I am not too sure on the finance aspect but say you owned a car worth £5000, the trustee would take the car and sell it at auction meanwhile he would send a cheque for £2000 approx for you to buy a cheaper car - they do understand about the need to travel to work and wouldn't leave you without one because they want you to be able to work so you can pay into a income payment arrangement.

Everybody needs a place to live and if you are up to date with the payments there should be no reason for them to repossess the house, surely by going bankrupt you are more likely to be able to pay the mortgage cos you now have spare money cos you are not paying debts!!

EE

Mike_St_Helens

The car is aroung 3.5k ish on forecourts now.. so at auction, prob around 2-2.5k i guess...

So I would simply just get a monetary allowance to buy a car ??

Thanks so much for your help !

Addicted2Chocolate

dont mean to be rude mike st helens but think you should start your own bankruptcy thread with specific questions: but for car on HP: OR will send notice to HP company asking for copy of agreement, confirmation of settlement figure. If settlement figure is sig less than the value , the OR will adopt the agreement and car will be sold, surplus from sale goes to the bankruptcy estate (the trustee). If car is worth less than settlement figure the agreement willnot be adopted by the OR and it is up to the finance company, but most finance comapnies will repossess (most agreement have clause that agreement is terminated upon bankruptcy)
see the leaflet 'what wuill happen to my home' available from https://www.insolvency.gov.uk

Addicted2Chocolate

sorry to hear you have been unwell. I have dealt with lots of debtors petition bankruptcies as I work for an Official Receiver. I have dealt with cases where the person has mental illness and bipolar disorder, so you are not alone. You can personal message me with any questions.
But you have nothing to fear from the Official Receiver. The interview (if you have one at all) ill not be horrible. If you have landline it may be over the telephone.
To make it more likely to have a telephone interview you should complete the statement of affairs as fully as possible: eg section 11 causes of bankruptcy give as full a picture as possible eg not just 'ill health' but history of when and why debts were incurred with as many dates/amounts as possible, and why they cannot be repaid (eg income reduced from £1000 pcm when in employment to Jan 06, reduced to £300 pcm from feb 06 whilst unemployed due to ill health).
Maybe get a letter from your psychiatrist stating your condition and how it has effected you, and attach it to each copy of the statement of affairs. Each copy, not just the court copy or it wont get sent to the OR. The info will be treated confidentially.
For more info on what the interview may be, see the leafket 'what happens when you are interviewed by the Official Receiver': here:
http://www.insolvency.gov.uk/guidanceleaflets/whathappenswheninterviewed/whathappenswheninterviewed.htm
and have a look at the Guide to Bankruptcy:
http://www.insolvency.gov.uk/guidanceleaflets/guidetobankruptcy/guidetobankruptcy.htm
good luck, dont worry and personal message me or post again with bankruptcy in the title if you have any other questions

Elleyce wrote:

Hello
I am a new to this site, and have found the advice given on bankruptcy helpful to my own plight.

I am currently off work sick with a mental illness/ Bi polar disorder, on half pay. I am not a sure if I will be returning to the job, as the nature of it has added to my condition. I am in debt of approx 28K, partly caused through my condition. Anyway I am under a specialist Psychatrist at present and am awaiting CBT therapy.

I have taken advice from National Debt line and informed my creditors of my situation and informed them how much I can pay at present, which is £9.42 each (they not that happy with this!).

I am contemplating Personal Bankruptcy because the worry of the debts and the negotiations are impeding my recovery. I would be glad to have a fresh start, even if it meant I would have a bad credit for a few years.

From previous threads I understand the process of going to court, but I am concerned about the Offical Receiver interview. I have visions of this superior person wagging their finger at me and tutting away, saying "what have you been spending all your money on, you silly idiot?" and having to give excuses for my situation.
If any one can give me an idea what happens this would help with my decision.

Thank you

Elleyce

Thank you everyone for your replies and hugs(I need alot of these. The info given was very useful.

Addicted2Chocolate thanks for your offer to ask questions, I will, but I need a little time to ponder and collect my thoughts.

Will post again soon

angelface

The official receivers interview I went to was tough but fair. he was sympathetic but thorough. I had to take LOADS of documents, proof that I'd tried to pay, proof of wages, bills, I went to CCCS first (for 3 years) and although they were unable to get my debts reduced they were fab in helping me when it came to preparing for bankruptcy!